But is it a trend change? Not quite.
Today we saw some of the most meaningful selling, and volume, we've seen in weeks with tech leading the way. We had a pretty brutal news day starting with the miss on jobless claims which surprised me honestly with how bad these economists have been getting it wrong. But the name of the game is still tech. And now we're seeing the receiving end of the monster move NDX has had over the past few weeks. Gravity happens. And today it was happening with the mega caps with AAPL down 4.5%, AMZN down 3.6, MSFT down 4%. But to put that into perspective AAPL is up 75% ,and AMZN is up 83% since the March bottom. Even After today's selling. 10 pounds of shit, 5 pound bag. Doors only so wide. All of that stuff I've preached since I've been posting.
This is the 15m chart. But today we had a pretty standard open for the past couple weeks with some selling, and then the buy the dip crowd stepping in to make sure we look bullish on the chart and that lasted until we started seeing selling in tech pick up. This brought us down to the bottom trendline of this shallow ascending wedge and after an attempt to close back inside of it the bears were in control the rest of the day. The put up a little bit of a fight at the breakout area but gave it up shortly after. The close was relatively bearish as well with not a lot of bullish sentiment bleeding into close. It's funny because at this point we're all trained via burning our hands on the stove too many times thinking they're going to let it close bearish. That was different today. With barely a close above the 15m 200 period MA and the .236 fib from today's move. Notice the fight over that trendline? That's the downtrend line from the previous attempts we had at breaking out.
Today we saw some of the most meaningful selling, and volume, we've seen in weeks with tech leading the way. We had a pretty brutal news day starting with the miss on jobless claims which surprised me honestly with how bad these economists have been getting it wrong. But the name of the game is still tech. And now we're seeing the receiving end of the monster move NDX has had over the past few weeks. Gravity happens. And today it was happening with the mega caps with AAPL down 4.5%, AMZN down 3.6, MSFT down 4%. But to put that into perspective AAPL is up 75% ,and AMZN is up 83% since the March bottom. Even After today's selling. 10 pounds of shit, 5 pound bag. Doors only so wide. All of that stuff I've preached since I've been posting.
This is the 15m chart. But today we had a pretty standard open for the past couple weeks with some selling, and then the buy the dip crowd stepping in to make sure we look bullish on the chart and that lasted until we started seeing selling in tech pick up. This brought us down to the bottom trendline of this shallow ascending wedge and after an attempt to close back inside of it the bears were in control the rest of the day. The put up a little bit of a fight at the breakout area but gave it up shortly after. The close was relatively bearish as well with not a lot of bullish sentiment bleeding into close. It's funny because at this point we're all trained via burning our hands on the stove too many times thinking they're going to let it close bearish. That was different today. With barely a close above the 15m 200 period MA and the .236 fib from today's move. Notice the fight over that trendline? That's the downtrend line from the previous attempts we had at breaking out.
